Spot gold: Range-bound oscillation, sell on highs, buy on dips

(1) Analysis: The Federal Reserve Chair, Waller's "no pre-judgment" statement has cooled expectations for a rate hike in October, with US Treasury yields falling back to around 5.06%, supporting gold prices. However, with inflation data exceeding expectations and the probability of a December rate hike still as high as 88% to 90%, macroeconomic headwinds have not fully dissipated. The ongoing tension in the Middle East continues to provide safe-haven support, with gold prices repeatedly fluctuating around $4,170. Daily moving average pressure is apparent, suggesting short-term continuation of range-bound trading. (2) Key points to watch: US Treasury yields, US Dollar Index, geopolitical developments. (3) Resistance: 4,200; 4,230; 4,260. (4) Support: 4,100; 4,080; 4,050.